In this week’s 2 Minute Tuesday, we’re changing it up a bit and covering a question for Dorian! As a successful entrepreneur himself, Dorian has a lot of experience in the business world and starting and building companies. So, in this episode, he’s going to answer a question about some of his favorite business and entrepreneurship tips and what it takes to build and sell a successful company.
Don’t forget to check out his business book recommendations below!
Read The 4-Hour Work Week
A classic book by Tim Ferriss, this book is packed with solid tips and an excellent framework for creating successful businesses in the modern entrepreneurship world. Check it out here: The 4-Hour Workweek
Use Ignorance / Youth as a Strength
Part being humble and part being resourceful, your ignorance and inexperience can actually be an incredible tool when starting or growing a business. People will often offer help, insight, or advice if you approach your interactions and, more importantly, mistakes, the right way. If you approach business in a cocky or overly-confident way it can often work against you and you’ll miss out on valuable growth and insight.
Try and Test Everything
One of the mantras Dorian loves in the 4-Hour Workweek revolves around constant testing and experimentation. You always want to use feedback, data, and trial and error to constantly evaluate where you’re at. You can’t be afraid to try new things, adjust, and re-evaluate both success and failure (more on that in a second).
Fail Quickly and Often
Part of the trying and testing is failing. It’s a huge part of not just starting businesses and being an entrepreneur but also success in general. You can’t be afraid to fail, start over, or abandon things that aren’t working. It’s called “trial and error” for a reason, and often times your failures and what you learn from failures are the most important part of future success. From Elon Musk to Jeff Bezos, no successful entrepreneur or business owner has ever gotten anywhere without failure, so embrace it, get better, and move on.
Cut Expenses / Mitigate Risk
As you get into starting a new business or work on a new idea you never want to bet your current financial future too heavily. So, it’s important to consider the risk and mitigate potential loss at the beginning with thoughtful planning. Look at approaching your life and business with low overhead and you’ll have more flexibility and less overall risk as you develop your business or company